reg 8 Failure to disclose knowledge or suspicion of sanctions offences
(1) A relevant institution is guilty of an offence if— (a) it knows or suspects that a person is resident in the Republic of Iraq, or has committed an offence under article 3, 4(8) or 5(4); (b) the person is, or has been at any time since the coming into force of this Order, a customer of the institution, or is a person with whom the institution has had dealings in the course of its business since that time; and (c) it does not disclose to the Treasury the information or other matter on which the knowledge or suspicion is based as soon as is reasonably practicable after that information or other matter comes to its attention. (2) Where a relevant institution discloses to the Treasury— (a) its knowledge or suspicion that a person is resident in the Republic of Iraq, or has committed an offence under article 3, 4(8) or 5(4), or (b) any information or matter on which that knowledge or suspicion is based, the disclosure shall not be treated as a breach of any restriction imposed by statute or otherwise.